Tom Hayes was arrested by the SFO last December and released on bail. He was later charged, along with a former colleague, with conspiracy to manipulate the interbank lending rate by the US Justice Department.

The US charge, so soon after Hayes was arrested in the UK, had raised the possibility of a jurisdictional battle over which country handled the LIBOR case.

However, SFO director David Green last night told the Wall Street Journal “significant” action on the LIBOR case would be imminent, indicating the UK would take the lead.

The Times explained if the SFO charges Hayes he would not be subject to extradition to the US because of UK double-jeopardy laws.

Hayes’ only comment on the case has been: “This goes much higher than me”. He made the statement in a text message to the Wall Street Journal in January.

The SFO declined to comment.